Q2. In preparing her report on Spanish Garden, Fosler violated the code and standards by:

A)   no violation has occurred.

B)   accepting the meal coupon but not by eating at the restaurant before writing her report.

C)   eating at the restaurant before writing her report but not by accepting the coupon.

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Q3. Of the two categories of files that Thornton has decided to throw away, for which will the discarding of the files be a violation of the Code and Standards?

A)   Both categories of files.

B)   Neither category of files.

C)   The files on applicants for venture capital that were refused.

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Q4. Fred Benson’s comments concerning Spanish Garden would be considered:

A)   material public information and Fosler would not be in violation of the Code and Standards by not including it in her report on Spanish Garden.

B)   nonmaterial nonpublic information and Fosler would be in violation of the Code and Standards by not including it in her report on Spanish Garden.

C)   nonmaterial nonpublic information and Fosler would not be in violation of the Code and Standards by not including it in her report on Spanish Garden.

Q5. When issuing the report on Spanish Garden, Fosler must disclose:

A)   neither Fred Benson’s ownership interest nor the directorship.

B)   Fred Benson’s directorship, but not the ownership.

C)   Fred Bensons’ ownership and the directorship.

答案和详解如下：

Q2. In preparing her report on Spanish Garden, Fosler violated the code and standards by:

A)   no violation has occurred.

B)   accepting the meal coupon but not by eating at the restaurant before writing her report.

C)   eating at the restaurant before writing her report but not by accepting the coupon.

Correct answer is A)

The gift is not a violation of Standard I(B), Independence and Objectivity. Token gifts are not a violation. Eating at the restaurant would be part of the research process and congruent with Standard V(A), Diligence and Reasonable Basis.

Q3. Of the two categories of files that Thornton has decided to throw away, for which will the discarding of the files be a violation of the Code and Standards?

A)   Both categories of files.

B)   Neither category of files.

C)   The files on applicants for venture capital that were refused.

Correct answer is B)         

According to Standard V(C), Record Retention, a firm must keep adequate records supporting actions taken and recommendations made. The Code and Standards do not require records for actions not taken and recommendations not made.

Q4. Fred Benson’s comments concerning Spanish Garden would be considered:

A)   material public information and Fosler would not be in violation of the Code and Standards by not including it in her report on Spanish Garden.

B)   nonmaterial nonpublic information and Fosler would be in violation of the Code and Standards by not including it in her report on Spanish Garden.

C)   nonmaterial nonpublic information and Fosler would not be in violation of the Code and Standards by not including it in her report on Spanish Garden.

Correct answer is C)         

Fred Benson saying he likes the food is merely a personal opinion, and such an opinion would not be unexpected, given his relationship with Spanish Garden. His second comment says nothing about the quality of the restaurant as an investment. No reasonable investor would take such comments as a reason to purchase the company. Under Standard V(B), Communication with Clients and Prospective Clients, "members shall use reasonable judgment regarding the inclusion or exclusion of relevant factors in research reports." Clearly, the comment was just an opinion, and it should not be included in the report.

Q5. When issuing the report on Spanish Garden, Fosler must disclose:

A)   neither Fred Benson’s ownership interest nor the directorship.

B)   Fred Benson’s directorship, but not the ownership.

C)   Fred Bensons’ ownership and the directorship.

Correct answer is C)         

Both the ownership interest and the directorship must be disclosed to be in compliance with Standard VI(A), Disclosure of Conflicts. The disclosure of such information will allow those acting on the basis of the research to judge for themselves whether, and to what degree, such a conflict of interest may bias the opinion contained in the report.